In this paper, a new dynamic model for modal analysis of a rotating cantilever beam with a tip-mass is developed. The nonlinear strain such as von Karman type and the corresponding linearized stress are used to consider the geometric nonlinearity, and Euler-Bernoulli beam theory is applied in the present model. The nonlinear equations of motion and the associated boundary conditions which include the inertia of the tip-mass are derived through Hamilton"s principle. In order to investigate modal characteristics of the present model, the linearized equations of motion in the neighborhood of the equilibrium position are obtained by using perturbation technique to the nonlinear equations. Since the effect of the tip-mass is considered to the boundary condition of the flexible beam, weak forms are used to discretize the linearized equations. Compared with equations related to stiffening effect due to centrifugal force of the present and the previous model, the present model predicts the dynamic characteristic more precisely than the another model. As a result, the difference of natural frequencies loci between two models become larger as the rotating speed increases. In addition, we observed that the mode veering phenomenon occurs at the certain rotating speed.